Long Opportunity for SAGA/USDT Based on Volume Profile Analysis
Overview:
This trade idea focuses on a long position for SAGA/USDT using volume profile analysis to identify key support and resistance levels. The setup involves entering the trade in the support zone and targeting higher resistance levels.
Volume Profile Analysis:
The volume profile indicates significant trading activity around the $1.22 - $1.40 zone, which suggests this as a strong support area. This provides a good entry point for a long position.
Trade Setup:
Entry: Long position between $1.22 and $1.40
Stop Loss: Set at $1.20 to manage risk below the support zone.
First Resistance/Target: $1.53, identified as the first significant resistance level.
Strategy if First Target is Broken: If the price breaks above $1.53, consider opening an additional long position and move the stop loss to $1.53 to protect the trade.
Final Take Profit: $2.15, which is the ultimate profit target based on higher volume nodes and previous price action.
Indicators:
RSI: Currently showing bullish signals, indicating potential for upward momentum.
ADX: Confirming a strong trend, supporting the long trade setup.
Conclusion:
This trade setup leverages volume profile analysis to identify high-probability entry and exit points. Proper risk management is emphasized with clearly defined stop loss and profit targets.
This trade idea focuses on a long position for SAGA/USDT using volume profile analysis to identify key support and resistance levels. The setup involves entering the trade in the support zone and targeting higher resistance levels.
Volume Profile Analysis:
The volume profile indicates significant trading activity around the $1.22 - $1.40 zone, which suggests this as a strong support area. This provides a good entry point for a long position.
Trade Setup:
Entry: Long position between $1.22 and $1.40
Stop Loss: Set at $1.20 to manage risk below the support zone.
First Resistance/Target: $1.53, identified as the first significant resistance level.
Strategy if First Target is Broken: If the price breaks above $1.53, consider opening an additional long position and move the stop loss to $1.53 to protect the trade.
Final Take Profit: $2.15, which is the ultimate profit target based on higher volume nodes and previous price action.
Indicators:
RSI: Currently showing bullish signals, indicating potential for upward momentum.
ADX: Confirming a strong trend, supporting the long trade setup.
Conclusion:
This trade setup leverages volume profile analysis to identify high-probability entry and exit points. Proper risk management is emphasized with clearly defined stop loss and profit targets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.